LONDON (BRAIN) — Rapha Racing LTD’s total revenues totaled 110 million pounds ($139.7 million at January’s exchange rate) in the 12 months that ended Jan. 28, 2024, down 7% percent from the preceding 12-month period and down from 138 million pounds the year before that.
The company’s operating loss was 21 million pounds, up from 11 million pounds lost the year before.
Rapha also noted the number of members in its Rapha Cycling Club declined from 22,000 to 18,000. The brand’s new web customers declined from 148,000 to 118,000.
“Against the backdrop of an ongoing turbulent and competitive post-pandemic cycling sector, as well as decreased consumer confidence in several key markets, Rapha has continued to strengthen its core business operations,” the company noted in its report.
The company noted that, subtracting the cost of “an exceptional item,” its EBITDA (earnings before interest, taxation, depreciation and amortization) was one million pounds, compared to a loss of 3 million pounds the year before. The exceptional items included legal and professional fees, employee stock share charges, and — most costly — a warehouse transition. The company closed two regional warehouses during the period and consolidated in a new UK warehouse location.
Turnover fell in each of Rapha’s core markets, as shown in the table, in millions of pounds:
| Region | Period ending Jan. 28, 2024 | Period ending Jan. 29, 2023 | Period ending Jan. 30, 2022 |
Period ending Jan. 31, 2021
|
| UK | 17,748 | 22,271 | 26,244 | 19,529 |
| Europe | 30,602 | 30,706 | 34,245 | 25,483 |
| USA/Canada | 34,009 | 34,766 | 37,554 | 27.,945 |
| Asia Pacific | 26,410 | 28,787 | 31,593 | 23,509 |
| Rest of World | 1,458 | 1,889 | 2,069 | 1,539 |
| total | 110,227 | 118,419 | 131,705 | 70,060 |
Rapha had an average of 445 employees in the 2023 period, down from an average of 494 the prior year.
The figures through Jan. 28, 2024 are the most recent available from Companies House, the U.K.'s official registry of limited companies. Rapha was acquired by the Walton family's RZC Investments in 2017. RZC Investments, controlled by Steuart and Tom Walton, the grandsons of Walmart founder Sam Walton, also lists Allied Cycle Works and Wahoo as its other cycling-related investments.
